Assignment - 4

Admission Of Partner
Concept - 1: NR/SR:
1. A,B,C were partners in a firm sharing profits in a 3:2:1 ratio. They admitted D for 10% profits. Calculate the new profit sharing ratio?
2. A, B and C are partners sharing profits in a 3:2:2 ratio. They admitted D as a new partner for 1/5 share which he acquired from A, B and
C in 2:2:1 ratio respectively. Calculate new profit sharing ratio?
3. A and B were partners in a firm sharing profits in a 3:2 ratio. They admitted C for 3/7 share which he took 2/7 from A and 1/7 from B.
Calculate new profit sharing ratio?
4. A, B and C were partners in a firm sharing profits in a 3:3:2 ratio. They admitted D as a new partner for 4/7 profit. D acquired his share
2/7 from A. 1/7 from B and 1/7 from C. Calculate new profit sharing ratio?
5. Singh, Gupta and Khan are partners in a firm sharing profits in 3:2:3 ratio. They admitted Jain as a new partner. Singh surrendered 1/3 of
his share in favor of Jain: Gupta surrendered 1/4 of his share in favor of Jain and Khan surrendered 1/5 in favor of Jain. Calculate new
profit sharing ratio?
6. Rao and Swami are partners in a firm sharing profits and losses in a 3:2 ratio. They admit Ravi as a new partner for 1/8 share in the
profits. The new profit sharing ratio between Rao and Swami is 4:3. Calculate new profit sharing ratio and sacrificing ratio?
7. A and B are partners sharing profits in the ratio of 3:2. They admit in partnership giving him 1/2 share in profits which he acquires from
A and B in the ratio of 3:1. Calculate the new profit ratio.
8. A and B are partners sharing profits in the ratio of 3:2. C is admitted for 1/5th share of profit out of which half share of profit out of which
half share was given by A and the remaining share was taken by C equally from A and B. Calculate new profit sharing ratio.
9. P, Q and R are partners sharing profits and losses in the ratio of 5:3.2. S is admitted as a new partner for 1/5th share. P sacrifices 1/10th
from his share in favor of S and the remaining sacrifice was made by Q and R in the ratio of 2: 1. Calculate sacrificing ratio and new
profit sharing ratio.
10. A and B share profits in the ratio of 3:2. They agreed to admit C on the condition that C will acquire 3/20th of his share from A and 1/15
from B. Calculate a new profit sharing ratio.
11. A and B are partners in a firm sharing profits in the ratio of 5:2. They admit C and decide that the profit-sharing ratio between B and C
shall be the same as Existing between A and B. Calculate the new profit-sharing ratio and the sacrificing ratio.
12. A and B are partners sharing profits and losses in the ratio of 3:2. They admit X and Y as new partners. X acquired 1/4rd of his share
from A and 1/8th from B. A gifted 1/6th of his share to Y and 1/12th share was given by both A and B in 5:3. Calculate the new profit
sharing ratio A, B, X and Y.
Concept - 2: Goodwill Treatment
1. A and B are partners in a firm sharing profits and losses in the ratio of 3:2. They decide to admit C into partnership with 1/4 share in
profits. C will bring in Rs. 30,000 for capital and the requisite amount of goodwill premium in cash. The goodwill of the firm is valued at
Rs, 20,000. The new profit sharing ratio is 2:1:1. A and B withdraw their share of goodwill. Give necessary journal entries?
2. Ram and Rahim are partners in a firm sharing profits in the ratio of 3:2. On April 1, 2016 they admitted Insaan as a new partner for 3/13th
share in the profits. The new ratio will be 5:5:3. Insaan contributed the following assets wards his Capital and for his share of goodwill:
Land Rs.2,50,000; Plant & Machinery Rs. 1,50,000; Stock Rs.80,000 and Debtors Rs. 70,000. On the date of admission of Insaan, the
goodwill of the firm was valued at Rs. 5,20,000. Record necessary journal entries in the book of the firm.
3. Aditya and Balan are partners sharing profits and losses in a 3:2 ratio. They admitted Christopher for 1/4 share in the profits. The new
profit sharing ratio agreed was 2:1:1. Christopher brought Rs. 50,000 for his capital. His share of goodwill was agreed to at Rs. 15,000.
Christopher could bring only Rs. 10,000 out of his share of goodwill. Record necessary journal entries in the books of the firm?
4. Amar and Samar were partners in a firm sharing profits and losses in 3:1 ratio. They admitted Kanwar for 1/4 share of profits. Kanwar
could not bring his share of goodwill premium in cash. The Goodwill of the firm was valued at Rs. 80,000 on Kanwar’s admission.
Record necessary journal entry for goodwill on Kanwar’s admission.
5. X and Y are partners Sharing profits in the ratio of 4:3. Z joins partnership for 2/7th share in the profits of which he acquires 3/4th from X
and 1/4th from Y. Z brings in Rs. 3,00,000 for his Capital and Rs.1,20,000 for goodwill. Half of the amount of goodwill is withdrawn
from the old partners. Pass necessary Journal entries and find out a new profit sharing ratio.
6. A, B and C were partners in a firm sharing profits and losses in the ratio of 3:2:1. They admit D in partnership with 1/4th share which he
acquires from A and B in the ratio of 2:1. On D's admission the goodwill of the firm is valued at Rs. 6,00,000. However, D is unable to
bring his share of goodwill in cash.
7. X and Y are partners sharing profits and losses in the ratio of 3:2. They admit Z in partnership, Z paying a premium of Rs.1,00,000 for 1/4
share of the profits while X and Y as between themselves sharing profits and losses equally. Give journal entries.
8. A, B and C are partners sharing profits and losses in the ratio of 3:2:1. They admitted D for 1/4th share in the profits and he brought in Rs.
1,50,000 as his share of goodwill which was credited to the Capital Accounts of B and C respectively with Rs. 1,25,000 and Rs. 25,000.
Calculate the new profit sharing ratio.
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Certified Financial Planner,
Ca Finalist, M.com, B.ed
9. A and B are partners sharing profit and losses as 2:1. On 1st April, 2018 they admitted C as a partner for 1/4th share who pays
Rs.4,50,000 as goodwill privately. On 1st April, 2019, they take D as a partner for 3/5th share who brings Rs. 4,00,000 as goodwill, out of
which half is withdrawn from the existing partners. On 1st April,2020, E is admitted as a partner for 1/6th share who brings Rs. 5,00,000
as goodwill which is retained in the business.
10. P and Q are partners sharing profits and losses as 2:3. R and S are admitted and the profit sharing ratio becomes 3:4:3:2. Goodwill is
valued at Rs. 3,00,000, R brings required goodwill and Rs. 2,00,000 cash for Capital. S brings in Rs.1,00,000 cash and Motor Vehicle for
Rs. 80,000 as his Capital in addition to the required amount of goodwill in cash. Show the necessary journal entries.
11. P and Q are partners with Capital of Rs. 26,00,000 and Rs. 40,00.000 They share profits in the ratio of 1:2. They admit R as a partner with
1/5th share in the profits of the firm. R brings in the required amount as his share of Capital, R unable to bring his goodwill in cash which
was Rs. 1,80,000 The Profit and Loss Account showed a credit balance of Rs. 6,00,000 as on the date of admission of R. Find total capital
of the new firm and R’s share of capital by using “Hidden Goodwill Concept” and also pass journal entries for goodwill.
Concept -3 : Treatment of reserves & surplus and Accumulated Losses
1. A and B are partners in a firm sharing profits and losses in the ratio of 2:1. On 1st April, 2022, they admit C as a partner for 1/6th share in
profits. On that date, there was a balance of 1,20,000 in the General Reserve and a debit balance of 30,000 in the Profit and Loss Account
of the firm. Pass necessary Journal entries regarding adjustment of reserve and accumulated profit/loss.
2. X, Y and Z are partners sharing profits and losses in the ratio of 5:3:2. They admit Was partner for 1/6th share. Following is the extract of
the Balance Sheet on the date of admission:
Liabilities Rs. Assets

General Reserve 66,000 Advertisement Suspense a/c 44,000

Contingency Reserve 16,000
Profit and Loss a/c 28,000
Pass necessary Journal entries.
3. A and B were partners in a firm sharing profit in 4: 3 ratio. On 1st April, 2019, they admitted C as a new partner. On the date of C’s
admission, the Balance Sheet of A and B showed a General Reserve of 84,000 and a debit balance of 8,400 in the Profit and Loss
Account Pass necessary Journal entries for the treatment of these items on Cs admission.
4. Give the Journal entry to distribute Workmen Compensation Reserve' of 72,000 at the time of admission of Z, when there is no claim
against it. The firm has two partners X and Y.
5. Give the Journal entry to distribute 'Workmen Compensation Reserve' of 1,02,000 at the time of admission of Z, when there is a claim of
88,000 against it. The firm has two partners X and Y.
6. Give the Journal entry to distribute 'Investment Fluctuation Reserve' of 24,000 at the time of admission of Z, when Investment (Market
Value 1,10,000) appears at 1,20,000. The firm has two partners X and Y.
7. Give the Journal entry to distribute the 'General Reserve' of 4,800 at the time of admission of Z, when 20% of the General Reserve is to
be transferred to the Investment Fluctuation Reserve. The firm has two partners X and Y.
8. A, B and C were partners sharing profits and losses in the ratio of 6:3:1. They decide to take D into partnership with effect from 1st April,
2019. The new profit-sharing ratio between A, B, C and D will be 3:3:3:1. They also decide to record the effect of the following without
affecting their book values, by passing a single adjustment entry:
General Reserve 60,000
Contingency Reserve 1,50,000
Profit and Loss A/c (Cr.) 90,000
Advertisement Suspense A/c (Dr.) 1,20,000
Pass the necessary single adjustment entry, through the Partner's Current Account.
9. Give the Journal entry to distribute the 'General Reserve' of 1,50,000 at the time of admission of Z, when Partner decided to raise the
General reserve to Rs 3,00,000.
Concept - 4 : Revaluation of Assets and Liabilities
1. Pass journal entries record the following transactions on the admission of a new partner:
(i) Land and Building is undervalued Rs. 2,00,000
(ii) Stock is overvalued 20% (Book Value of Stock Rs. 60,000)
(iii) Provision be made for compensation of Rs. 20,000 to an ex-employee.
(iv) Sundry Debtors appeared in the books at Rs. 1,50,000. They are estimated produce not more than Rs. 1,30.000
(v) Creditors include an amount of Rs. 10,000 received as commission.
(vi) A bill of exchange of Rs. 40,000 which was previously discounted with the banker, was dishonoured on 31st March, 2018 but no
entry has been passed for it.

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Certified Financial Planner,
Ca Finalist, M.com, B.ed
 (vii) Value of Machinery is be decreased Rs. 1,20,000 (Book Value Rs. 2,00,000),
(viii) Value of Machinery is be decreased Rs. 1,20,000 (Book Value Rs. 2,00,000)
(ix) Expenses on revaluation amount Rs. 8,000 have been paid partner X
2. A and B are partners sharing profits and losses in the ratio of 3:2. On 1.4.2020 they admit C on the following terms:
a. C will bring 50,000 as a capital and 10,000 for goodwill for 1/5 share;
b. Provision for doubtful debts @ 2% is to be made on Trade receivables of Rs 25,000.
c. Inventory of Rs 1,98,000 undervalued by 10%.
d. Freehold premises is increased by 40,000 and plant decreased by 35,000
e. Partners agreed that the values of the assets and liabilities remain the same and, as such, there should not be any change in their
book values as a result of the above mentioned adjustments.
Pass necessary adjustment entry.
3. Pass necessary Journal entries in the following cases:
(a) Dharam, a partner, was appointed to look after the process of Revaluation at a remuneration of ₹ 12,000 and he had to bear the Revaluation expenses.
Revaluation expenses ₹ 11,000 were paid by Dharam.
(b) Jay, a partner, was appointed to look after the process of Revaluation and was allowed a remuneration of ₹ 15,000. Jay agreed to bear Revaluation
expenses. Actual Revaluation expenses ₹ 16,000 were paid by Vijay, another partner on behalf of Jay.
(c) Deepa, a partner, was to look after the process of Revaluation and for this work she was allowed a remuneration of ₹ 7,000. Deepa agreed to bear
Revaluation expenses. Actual Revaluation expenses ₹ 6,000 were paid from the firm's bank account.
(d) Dev, a partner, agreed to do the work of Revaluation for ₹ 7,500. He took away stock of the same amount as his commission.
(e) Jeev, a partner, agreed to do the work of Revaluation for which he was allowed a commission of ₹ 10,000. He agreed to bear the Revaluation
expenses. Actual Revaluation expenses paid by Jeev were ₹ 12,000. These expenses were paid by Jeev by drawing cash from the firm.
(f) A debtor of ₹ 8,000 agreed to pay the revaluation expenses of ₹ 7,800 in full settlement of his account.
4. Asha and Chahat were partners in a firm sharing profits and losses in the ratio of 2:1. On 1st april 2019 they decided to admit Reena as a
Partner. Their Balance Sheet as at 31st March, 2019 was as follows:
Liabilities Rs. Assets Rs.

Debtors 2,60,000
Less: Pro. For doubt. Debts (20,000) 2,40,000
Bad debts amounted to Rs. 40,000. A provision for doubtful debts was to be made @ 5% on debtors. Pass the necessary journal entries to
record the above transactions in the books of the firm.
5. A and B were partners in a firm sharing profits and losses in the ratio of 3:2.. On 1st april 2019 they decided to admit C as a Partner. Their
Balance Sheet as at 31st March, 2019 was as follows:
Liabilities Rs. Assets Rs.

Debtors 1,60,000
Less: Pro. For doubt. Debts (35,000) 1,25,000
Bad debts amounted to Rs. 20,000. A provision for doubtful debts was to be made @ 5% on debtors. Pass the necessary journal entries to
record the above transactions in the books of the firm.
6. X and Y were partners with Capitals of Rs. 4,00,000 and Rs. 3,50,000. They shared profits in the ratio of 3: 2. On 1st April, 2017, they
admitted Z for 1/5th share. On this date their Creditors were Rs. 3,20,000 and their assets apart from cash consisted of Debtors Rs.
4,32,000; Stock Rs. 3,00,000 Patents, Rs. 74,000 and Building Rs. 2,70,000. Z is bring in Rs. 3,00,000 as his Capital and bring in his
share of Goodwill in Cash subject the following terms:
(a) Building was overvalued by 20%
(b) Stock be valued at Rs. 2,94,000.
(c) Patents are valueless.
(d) Provision for doubtful debts created Rs 20,000.
(e) Y’s Share of revaluation loss is Rs 48,000.
Determine the Re-assessed value of Creditors after Z’s admission.
Concept - 5 Full fledge with Adjustment of Capital
1. A and B share profits in the proportions of 3/4 and 1/4. Their Balance Sheet on March 31, 2016 was as follows:
Liabilities Rs. Assets Rs.

Sundry creditors 41,500 Cash at Bank 26,500

Reserve fund 4.000 Bills Receivable 3,000

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Certified Financial Planner,
Ca Finalist, M.com, B.ed
 Capital Accounts Debtors 16,000
A 30,000 Stock 20,000
B 16,000 Fixtures 1,000
Land & Building 25,000

91,500 91,500
On April 1, 2017. C was admitted into partnership on the following terms:
(a) That C pays Rs. 10.000 as his capital.
(b) That C pays Rs. 5.000 for goodwill. Half of this sum is to be withdrawn by A and B.
(c) That stock and fixtures be reduced by 10% and a 5%, provision for doubtful debts be created on Sundry Debtors and Bills Receivable.
(d) That the value of land and buildings be appreciated by 20%.
(e) There being a claim against the firm for damages, a liability to the extent of Rs. 1.000 should be created.
(f) An item of Rs. 650 included in sundry creditors is not likely to be claimed and hence should be written back.
Prepare Revaluation Account, Partners Capital Accounts and prepare the new Balance Sheet on the admission of C.
2. A and B are partners sharing profits and losses in the ratio of 3:1. On Ist April. in 2017 they admitted C as a new partner for 1/4 share in
the profits of the firm. C brings Rs. 20,000 as for his 1/4 share in the profits of the firm. The capitals of A and B after all adjustments in
respect of goodwill, revaluation of assets and liabilities, etc. has been worked out at Rs. 50,000 for A and Rs. 12,000 for B. It is agreed
that partner’s capitals will be according to new profit sharing ratio. Calculate the new capitals of A and B and pass the necessary journal
entries assuming that A and B brought in or withdrew the necessary cash as the case may be for making their capitals in proportion to
their profit sharing ratio?
3. The following was the Balance Sheet of Arun, Bablu and Chetan sharing profits and losses in the ratio of 6:5:3 respectively.
Liabilities Rs. Assets Rs.

Sundry creditors 9.000 Cash at Bank 900

Bills Payable 3.000 Debtors 12,600
Capital Accounts Stock 14.000
Arun 19,000 Furniture 3,500
Bablu 16,000 Land & Building 24,000
Chetan 8,000

55,000 55,000
They agreed to take Deepak into partnership and give him a share of 1/8 on the following terms:
(a) that Deepak should bring in Rs. 4,200 as goodwill and Rs. 7,000 as his Capital;
(b) that furniture be depreciated by 12%;
(c) that stock be depreciated by 10%
(d) that a Reserve of 5% be created for doubtful debts:
(e) that the value of land and buildings having appreciated be brought up to Rs. 31,000 ;
(f) that after making the adjustments the capital accounts of the old partners (who continue to share in the same proportion as before) be
adjusted on the basis of the proportion of Deepak’s Capital to his share in the business, i.e., actual cash to be paid off to, or brought in by
the old partners as the case may be.
Prepare Cash Account, Profit and Loss Adjustment Account (Revaluation Account) and the Opening Balance Sheet of the new firm.
4. Azad and Babli are partners in a firm sharing profits and losses in the ratio of 2:1. Chintan is admitted into the firm with 1/4 share in
profits. Chintan will bring in Rs. 30,000 as his capital. The Balance Sheet of Azad and Babli as on March 31, 2016 (before Chintan’s
admission) was as follows:
Liabilities Rs. Assets Rs.

Sundry creditors 8,000 Cash at Bank 10,000

Bills Payable 4,000 Cash in hand 2,000
General reserve 6,000 Debtors 8,000
Capital Accounts Stock 10,000
Azad 50,000 Furniture 25,000
Babli 32,000 Building 40,000

1,00,000 1,00,000
It was agreed that:
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Ca Finalist, M.com, B.ed
 i) Chintan will bring in Rs. 12,000 as his share of goodwill premium.
ii) Buildings were valued at Rs. 45,000 and furniture at Rs. 23,000.
iii) A provision for doubtful debts is to be created @ 6% on debtors.
Prepare Revaluation Account, Partners Capital Accounts and prepare the Balance Sheet after admission.
5. Ashish and Dutta were partners in a firm sharing profits in 3:2 ratio. On Jan. 01, 2015 they admitted Vimal for 1/5 share in the profits.
The Balance Sheet of Ashish and Dutta as on March 31, 2016 was as follows:
Liabilities Rs. Assets Rs.

Sundry creditors 15,000 Land & Building 35,000

Bills Payable 10,000 Plant 45,000
Capital Accounts Cash in hand 5,000
Ashish 80,000 Debtors 22,000
Dutta 35,000 Less: Provision 2,000 20,000
Stock 35,000

1,40,000 1,40,000
It was agreed that:
i) The value of Land and Building be increased by Rs. 15,000.
ii) The value of plant be increased by 10,000.
iii) Goodwill of the firm be valued at Rs. 20,000.
iv) Vimal to bring in capital to the extent of 1/5th of the total capital of the new firm.
Prepare Revaluation Account, Partners Capital Accounts and prepare the Balance Sheet of the firm after Vimal’s admission.
6. A, B and C are partners in a firm sharing profits in the ratio of 3:2:1 with Capitals of Rs. 70,000; Rs. 60,000 and Rs. 40,000 respectively.
D is admitted in the firm for 1/4th share in profits, which he acquires 1/8th from A and 1/8th from B. D brings in Rs. 60,000 as his Capital
and Rs. 32,000 for his share of goodwill in cash. 3/4th of the amount of goodwill was withdrawn A and B. The Capitals of the partners in
the new firm are adjusted in profit sharing ratio on the basis of D's Capital and excess or deficit capital be adjusted in cash.
7. X and Y partners sharing profits in the ratio of 2:1. Their balance sheet as at 31st March, 2018 was as follows:
Liabilities Rs. Assets Rs.

Sundry creditors 25,000 Cash at bank 5,000

Reserve Fund 18,000 Fixed Assets 1,37,000
Capital Accounts Cash in hand 5,000
X 75,000 Sundry Debtors 15,000
Y 62,000 Stock 10,000
Investments 8,000

1,80,000 1,80,000
They admit Z in partnership from 1st April, 2018 on the following terms:
a. Z brings in Rs. 40,000 as his Capital and he is given 1/4th share in profits.
b. Z brings in RS. 15,000 for goodwill, half of which is withdrawn old partners.
c. Z brings in RS. 15,000 for goodwill, half of which is withdrawn old partners.
d. Typewriter is depreciated 20% and fixed Assets 10%.
e. An old customer, whose account was written off as bad debts, has promised to pay Rs. 1,000.
f. bringing in or withdrawing cash, the Capitals of X and Y are made proportionate that of Z on their profit sharing basis..
Prepare Revaluation Account, Partners Capital Accounts and new B/S of the firm.
8. A and B are partners sharing profits in the ratio of 2: 1. Following items appeared in their Balance Sheet as at 31st March, 2018:
A's Capital Rs, 48,000; B's Capital Rs. 30,000; Creditors Rs. 15,000; Bank balance Rs. 5,000;
Debtors Rs. 20,000; Machinery Rs. 36,000; Stock Rs. 44,000. They admit C in partnership on 1st April, 2018 with 1/6th share in profits,
which he acquires equally from A and B. He brings in Rs. 20,000 as his Capital and Rs. 18,000 as goodwill in cash.
Following revaluations were made:
1. 5% provision be made for doubtful debts on Debtors and a provision of 2% be made on Debtors and Creditors for discount.
2. Rs. 1,000 are prepaid for insurance. 3. Rs. 5,000 are outstanding for salaries
4. Rs. 1,480 for accrued income are shown in the books.
5. Investments for Rs. 6,000 have been omitted to be recorded in the books.
A and B decide to have their Capitals in proportion to their share in profits, based on C's share.
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Certified Financial Planner,
Ca Finalist, M.com, B.ed
 Any excess of Capital was withdrawn and the deficit be paid in. Prepare the partner's Capital accounts and give the new balance sheet of
the firm.
9. A and B partners sharing profits in the proportion of 3: 2. Their Balance Sheet as at 31st March, 2018 was as follows:
Liabilities Rs. Assets Rs.

Sundry creditors 63,000 Cash at Bank 5,000

Outstanding Salary 4,000 Trade Marks 8,000
General Reserve 10,000 Debtors 30,000
Capital Accounts Less: Provision 1,000 29,000
A 50,000 Stock 40,000
B 30,000 Building 75,000

1,57,000 1,57,000
They agree admit C as a new partner on the following terms:
(1) C will be given 2/9th share of profit and he will bring Rs. 50,000 for his share of Capital and goodwill.
(2) Goodwill of the firm will be calculated at 21/2 year's purchase of the average super profits of the last four years. Profits of the last four
years are Rs. 40,000; Rs. 40,000; Rs. 55,000 and Rs. 65,000 respectively. Normal profits that can be earned with the capital employed are
Rs. 14,000.
(3) Half the amount of goodwill is withdrawn from old partners.
(4) 15% of the general reserve remains as a provision against doubtful debts.
(5) Outstanding salaries will be increased to Rs. 16,000, Stock-is overvalued 25% and Building is undervalued 25%. Trade Marks are
written off 50%.
(6) New profit sharing ratio of partners will be 4:3:2 and the capital accounts of A and B will be adjusted on the basis of C's capital
bringing in or withdrawing cash, as the may be. Prepare necessary accounts and the opening balance sheet of the firm.
10. Following is the Balance Sheet of A and B as at 31st March, 2014:
Liabilities Rs. Assets Rs.

Sundry creditors 1,30,000 Cash at Bank 1,00,000

Employees Provident Fund 80,000 Stock 1,50,000
Workmen's Compensation Debtors 1,70,000
Reserve 1,50,000 Less: Provision 10,000 1,60,000
Capital Accounts Plant and Machinery 60,000
A 1,10,000 Goodwill 10,000
B 60,000 Profit and Loss Account 50,000

530000 530000
On the above date, C was admitted as a partner for 1/4th share in the profit of the firm with the following terms:
(a) Rs. 14,500 will be written off as Bad Debts.
(b) Stock was taken over by B at Rs. 1,75,000,
(c) Goodwill of the firm was valued at Rs 2,00,000. C brought his share of goodwill premium in cash.
(d) Chintan brought proportionate Capital and the Capitals of the other partners were adjusted on the basis of Chintan's Capital. For this
necessary cash was to be brought in or paid off the partners as they may be. Prepare Revaluation Account and Partners' Capital Accounts

Sukhvinder Singh
Certified Financial Planner,
Ca Finalist, M.com, B.ed